Related Content: financial

The Debt Ceiling Explained: Why You Should Care

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Senate works on financial cliff options

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As congressional leaders prepare to meet Friday morning at the White House to discuss the looming “fiscal cliff,” much of Washington is focused on the potential for compromise between President Obama and House Speaker John A. Boehner (R-Ohio).

Europe's Travails Could Add to His Own, Obama Says

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Europe has not resolved its fiscal and debt challenges and will need more time to reach consensus, President Obama conceded at the conclusion of an important economic summit in Mexico among the 20 leading industrialized nations. Asked at an evening news conference in the resort city of Los Cabos how the Eurozone debt and financial problems might impact his chances for re-election, Obama said, "All these economic issues have an impact on the election, but that's not my biggest concern now."

PBS NewsHour: Families' Plummeting Wealth Reflects 'Deep Mess' Americans Face

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The net worth of the median American family fell nearly 40 percent from 2007 to 2010, the Federal Reserve reported this week. Gwen Ifill discusses the effects of and the reasons behind the precipitous decline in wealth with Paul Taylor of the Pew Research Center and Robert Shapiro of Sonecon, an economic advisory firm.

Dimon's Big Day on Capitol Hill

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Major Garrett, National Journal White House correspondent, and CNBC's John Harwood report on the politics behind today's Senate hearing and provide a preview of questions likely to be asked of key witness Jamie Dimon.

Obama and House Republicans Offer Taste of Renewed Fight Over the Debt Ceiling

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President Obama and Congressional Republicans staged a preview of a looming end-of-year battle on Wednesday, as the president warned Republicans that he would not allow Congress to hold the economy “hostage” to another fight over whether to raise the country’s debt ceiling without accompanying cuts in spending.

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High Stakes in Romney-Obama Battle over Bain, Economy

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President Obama’s Chicago-based campaign team has been waiting months to launch a real attack against Mitt Romney’s experience at Bain Capital. Even before Romney’s Republican presidential rivals started going after him, Obama’s campaign was preparing for the moment that arrived this week.

Boehner: No Debt Ceiling Increase Without Cuts

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House Speaker John Boehner, R-Ohio, will not allow an increase in the debt ceiling to move through the House unless the amount of the increase includes an equal or greater amount of spending cuts. His pledge once again sets Congress on a collision course with Senate Democrats and the White House over what was once a routine vote to raise the federal debt ceiling, which allows the U.S. government to continue to pay its bills without the risk of default.

Obama Has Up to $1 Million in JPMorgan Account

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While the executive branch checks out JPMorgan Chase & Co., President Obama has been doing some checking of his own. One day after he described JPMorgan as "the best, or one of the best managed banks," the White House reported that the president holds up to $1 million in an interest-bearing JPMorgan asset management checking account, and Michelle Obama has up to $15,000 in a regular JPMorgan checking account.

Obama: JPMorgan Losses Make His Point

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President Obama and JPMorgan Chase CEO and Chairman Jamie Dimon each tried to make complex facts fit simple narratives this week. The president may have the easier task. Were JPMorgan's more than $2 billion in trading losses "stupid," but part of doing business, as Dimon suggested, or painful evidence that risk-taking by financial institutions poses a systemic threat and demands tougher federal restrictions, as Obama indicated Monday?